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tenroom

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Everything posted by tenroom

  1. Yeah this is gonna be hell for a lot of people. Having said that, the unsecured lender can't force the debtor to sell the property as the unsecured finance is usually for far smaller amounts than a mortage in 2006 and most judges won't grant a possession order. As long as the debtor's paying his 1st mortgagee, the unsecured lender could theoretically end up waiting 15 years or more for their money if the debtor doesn't sell up.
  2. But that's what I meant about '94/95. 3 x income could've got FTBs a perfectly decent 1 or 2 bed flat in an up and coming part of London quite easily. Hell, that was THE bottom of the market. I reckon that if there was a crash and prices hit rockbottom in a year or two, half the bleaters on this forum won't be seen for dust . . . we'll be hearing that pin be dropping in brokers' offices again. I know a lot of people around here who lamented on the notion that a mortgage was just a millstone for your neck and how they knew Fred down the road who got repossessed cos he was "only" 7 months in a
  3. Well here in sunny W.London it's business as usual . . . meaning silly season. http://www.foxtons.co.uk/search?md5=9a6d87...mit_type=search 15th floor, lifts often break down but a quarter of a mill ?? What's worse . . . owner turned down £240K
  4. Nah ! By your own admission, you're saying that - for many - BTL has effectively replaced the traditional pension. You're then saying that there's gonna be a mass exodus when prices drop. I dan't recall seeing people cashing in pensions when the stock markets that underpin these types of investment plummeted so I don't see why the notion of decreased "on paper" wealth is going to make a BTLer dump his stock on the market. Chances are he'll be unable to anyway as he'll be so highly geared that negative equity will be an issue. Frankly, if I was a BTLer who'd gone in for retirement nest egg re
  5. This isn't significant news. The banks are just sabre-rattling. They can no more threaten the government than effectively say goodbye to their lending profits. Half of the sub-prime lenders are practically owned by the big banks anyway so lets not look for meaningless signs, eh ??
  6. One thing's for sure . . . there's going to be a lot of bears crying into their Charmin Ultras if this crash only turns out to be a mild correction.
  7. That's what I thought but undoubtedly, he would ensure he had the genuine receipts for the goods kept safely somewhere should true ownership ever be disputed.
  8. Yeah, it's pretty sickening. Thing is many of them aren't pissed off because they can't buy a house per se . . . they're pissed off because they've missed out on what has been the biggest HPI ever and - as they're forever telling us - the "illusory" wealth it's created. I clearly recall that when property prices were severely depressed back in 1994/95, you could have heard a pin drop in any estate agency anywhere in the country. Now I'm assuming that FTBs then were pretty much the same bunch of ordinary folk that FTBs are now some 12 years later. I don't remember an underclass bitching about
  9. Bailiffs powers are a lot more restricted than people believe. If you don't open the door, they CANNOT enter and even though they are allowed to climb in through an open window, they rarely do cos there've been instances where the occupant has mistaken them for a burglar and set to work with the obligatory baseball bat. They're not allowed to force entry unless they've actually been allowed in on a previous occasion and made an arrangement to secure payment from a debtor in which case they're allowed to break your door down. They can't break into a locked garage unless they're collecting tax
  10. http://uk.biz.yahoo.com/27092006/325/growt...gher-rates.html Not that I'd trawl the net looking for any insignificant piece that might herald the implosion of our economy but I did feel that the bears could use a little sobering up. Combine this with the falling of wholesale gas prices and, who knows, HPI could just continue unchecked for at least another year. Boo Hoo !!
  11. Aw shucks, I guess the trained and experienced economists at the BoE, ONS etc should take their cues from the equally well trained and experienced armchair economists posting on this forum. Forget the MPC. Let's listen to the VIs on HPC.
  12. i think everybody's got their own idea of what a "nice" area is. One person's cool, buzzy corner of a city (mine's Ladbroke Grove / Portobello) well served by REAL restaurants and QUALITY bars is another's idea of Beirut. If what you mean by "nice" is smug blonde-haired and blue-eyed couples, working in banking and PR, dressed by Freemans catalogue and walking around like they're in a f***ing shampoo ad then you can shove it. Trouble is, that's what my area's become since that F888ing film came out :angry:
  13. Guys . . . believe it or not, there really are FTBs out there - especially in London and the South East, with enough money to buy property even at today's ridiculous prices. Of course they're letting themselves in for big problems later re affordability but, hey, as long as they get on, they figure they'll deal with the hardship when it comes. The whole "VI" conspiracy couldn't have held up this long unless there were actual sales going on. Somewhere, someone IS still buying whether it's BTLs, FTBs, move ups or what have you.
  14. when the correction comes. Saw this last night and can't believe what these tossers get up to. The bit where the bailiff terrified those two littel girls was HEARTBREAKING. Considering just how limited their powers are, it's amazing there are so many of them out there making damn good money.
  15. Lenders will take bonuses and commissions into account but they differ in how they permit them. Some simply go on a P60 showing earnings for the year while others ask for the average of 3 months' commissions. Some will simply write to the employer asking for details fo the basic salary and expected levels of bonus or commission.
  16. I realise there are a lot of chancers out there who've got into BTL to make a relatively quick buck but there are lots who really do see their investments as a long term bet. Sure, some of them'll bail out fairly quickly if their capital gains look like they're gonna head south but a lot more than you guys may think will hang in there.
  17. Things are different this time. Interest rates are historically low and most of the inflationary pressure on the economy is from energy price rises. That, on its own, isn't enough to crash the market. Increases in unemployment - admittedly, craftily disguised - simply aren't at the levels required to cause a major ripple. Just last week, wholesale gas prices fell significantly and oil has stepped back from the highs of a month ago. Admittedly it'll take some time for the lower prices to filter back to the customer but the massive crash, although a possibility, is by no means as guaranteed as
  18. Sure . . . 3/4 million people have missed one mortgage payment but it's nothing compared to the height the slump last time round in late 80s and early 90s. Frankly, it's gonna take a whole lot more than that to get the lenders reversing their lending criteria. Poeple speak about interest only mortgages and shared ownership like they'r enew fangled ideas but both of them have been around for years. This crash is coming but not when most of you think.
  19. Bitter or what ? I don't know your personal circumstances but wishing the guy gets repossessed is a bit off, mate. Even if this crash comes, how long's it gonna be before the prices come down to a level you can afford ? Are you willing to wait 5 years plus ?? Fact is, people who can afford to buy in this overpriced market tend to be doing so regardless of the clear signs indicating that it's imprudent. Just cos you can't afford to buy or even if you're just envious at not having "benefitted" from the illusion of notional wealth that hpi has given many homeowners, doesn't mean you should wis
  20. Nonsense ! Chelsea is full of Hooray Henrys and Henriettas and pubescent public school kids trying to blag their way into Boujis in South Kensington to the do the very drugs you allude to. As for violence, methinks you should tke trip down there on a Friday or Saturday night. Abrief wait outside chain bars like pitcher and Piano will be rewarded by braying fools TRYING to fight each other . . . usually over some fat bird in skin tight jeans with rolls of fat hanging over her belt. trusst me . . . Chelsea is lame. It's nothing more than something for upwardly mobile estate agents and surveyo
  21. Passe it maybe but there is NOTHING to buy around there. Chelsea is awful - the King's Road died in the early 90s when Next and the other carbon-copy chains bowled in. You know it's over when they open a McDonalds on your main shopping street. Portobello has successfully resisted the Golden Arches and I bet you naysayers probably live in far worse areas
  22. You don't really have a clue what you're talking about, do you. You can get mugged in in a leafy Surrey town just as easily as you can in Knightsbridge, Chiswick or Belgravia. Notting Hill is easily the most desirable area to live in this great city. Admittedly, much of its original charm has been diluted by the arrival of the bankers and City lawyers and their yummy mummy wives buying into what they perceive to be a ready-made lifestyle but as with all things to do with the madness of the HPI, it's a matter of sentiment and that sentiment is - at the moment - that NH is uber-cool . . . even
  23. www.avoidthebust.com Looks interesting . . . . would be nice to make some dosh on the way down.
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